Young & Co, who run a number of high quality pubs across the capital, have acquired The King’s Head in Upper Street and have vowed that the theatre element, established in 1970, will live on.

The pub was sold to the company by Stephanie Sinclaire, widow of its founder Dan Crawford, who promised to protect the theatre in the event of such a sale.

Stephen Goodyear, chief executive of Youngs, said: “We have long been looking for a high quality site in Islington, and so we are delighted to have been able to acquire the iconic King’s Head Theatre pub in Upper Street.

“We place a great emphasis on working with the local communities in which our pubs operate to ensure that we are doing everything we can to meet their needs.

“We are looking forward to building on the existing offering at the King’s Head – as a pub and a theatre.”

Rumours had been circulating that the theatre’s future could be in doubt after it emerged Ms Sinclaire was looking to sell up last summer.

However, just last week the former owner, who now lives in Australia, told the Gazette: “I can assure you the theatre is completely secure and operations will stay exactly as they are.

“The theatre and pub are one entity and are interdependent. The theatre exists because of the pub and the pub’s atmosphere is informed by the theatre, so they are one cohesive whole.

“Both are secure as one heritage and iconic venue, hopefully enhancing Islington and London, and will continue to do so.”

Other Islington pubs in Youngs’ repertoire include The Marquess Taven in Canonbury Street and Narrow Boat in St Peter’s Street.

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